The structural change happening at the moment is that when iron ore is above $100-$120 per tonne less iron ore is imported from over seas and blended with Chinese iron ore containing vanadium which is then extracted and processed.
when iron ore is below $100 Chinese ore is no longer blended with imported ores from Brazil and Australia. Imported ores do not contain vanadium
As a result Chinese secondary vanadium production falls off a Cliff.
This should result in the vanadium shortfall we are all looking for.
Commentary from 2018 V run.
https://youtu.be/wR0lfom0jaI?si=LFizBw-BNibiGkJv
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